On-chain data reveals a wave of accumulation for Ethereum, with 449,000 ETH flowing into wallets that have never spent their holdings. This marks the largest single-day inflow since 2018.
Large Investors Continue Accumulating ETH
Despite trading below the realized price of $1,981, large investors are not rushing to sell their assets. Their continued accumulation indicates a firm belief in Ethereum's recovery potential, even amid market stress.
Optimism Fueled by Upcoming Ethereum Upgrades
Ethereum remains nearly 57 percent below its all-time high of $4,100. The upcoming Pectra upgrade, scheduled for May 7, is expected to enhance scalability and reduce transaction fees, which may bolster investor confidence.
Current Market Conditions and Resistance
Ethereum faces strong resistance at the $1,895 mark, significantly impacting its price movements. Breaking through this level could halt the current downward trend. Meanwhile, the number of active Ethereum addresses has seen a 10 percent increase, indicating rising user engagement.
The record accumulation, rising network activity, and upcoming upgrades lay crucial groundwork for Ethereum's future. Breaking key resistance levels remains essential for any sustained price recovery.
